Working in Retirement

Is retirement a thing of the past?

The road to Freedom 55 is increasingly marred by financial potholes that are creating delayed retirements and paring down expectations, plans and dreams for the kind of lifestyle that individuals can afford to enjoy as they enter the golden years. Some of these potholes include: some job insecurity for those in the 45-60 age group as a result of our fragile economic environment; rising personal debt levels; escalating costs for basic necessities like home heating and hydro, car fuel, food, housing and insurance, and; the requirement to provide financial support for adult children and care for aging parents.

With these financial realities, it may well be that Gen-50plus will opt to stay in the workforce far longer than previous generations. Indeed, a survey of Americans by the American Association of Retired Persons found that 40% of Boomers plan to work "until they drop"- not because they want to, but because they have to.  Another survey by the Boston College's Centre for Retirement Research found that 60% of Boomers intend to keep working past the traditional retirement age of 65.  And in Canada, provincial and federal governments are acknowledging this reality and have started to eliminate legislation that requires people to retire at the age of 65.

Jonathan Chevreau, writing in the National Post, recently identified a number of books talking about the non-retirement of Boomers (Full retirement a thing of the past).  Many Boomers will continue to work because they have to, but they may opt to re-invent themselves by pursuing new careers or employment opportunities that are personally rewarding and fulfilling. If they've been unhappy in their "jobs", they may choose to look for opportunities in new fields that interest them, even if they don't pay as well.  Because Boomers can expect to live longer and be healthier, many will choose to stay in the workforce as much to maintain their social, intellectual and physical well-being as to make money.

Following is the list of the books mentioned in Chevreau's article:

• Keith Davies, Avoid Retirement and Stay Alive
• Julia Moulden, RIPE: Rich, Rewarding Work after 50
• Peter Grandich, Confessions of a Wall Street Whiz Kid (soon to be published)
• Sherry Cooper, The New Retirement
• Dennis Blas and Heather Compton, Retirement Rocks!
• Mahara Sinclaire, The Laughing Boomer
• Jonathan Chevreau, Findependence Day

 Discussion Questions.  What are your feelings about retirement?  Is it your goal to retire at or before age 65? How do you plan to spend your time?  Or, do you see yourself working well past the traditional age of retirement?  Would you like to continue in your current type of employment, or would you look for something more rewarding?